KUALA LUMPUR: Tower Real Estate Investment Trust (Tower REIT)’s revaluation of its properties -- Menara HLA, HP Towers and Menara ING -- has resulted in aggregate revaluation surplus of RM5,769,745, Tower REIT announced Jan 5.

The revaluations were conducted in accordance with the Securities Commission’s guidelines on REITs, which decreed that a revaluation of their investment portfolios should be carried out every three years, and also to ascertain the current market values of the three properties. The revaluation was conducted by Rahim & Co Chartered Surveyors Sdn Bhd on Dec 11, 2009.

Menara HLA, with a market value of RM295 million, posted a revaluation surplus of RM4,872,435, while Menara ING, with a market value of RM94 million, posted a revaluation surplus of RM897,310. No surplus was posted for HP Towers, valued at RM207 million.

Based on the latest unaudited quarterly financial statement as at Sept 30, 2009, the net asset value per unit of RM1.5994 will increase to RM1.6196 upon incorporation of the revaluation surplus of RM5,769,745.

The valuation reports are available for inspection at Level 10, Wisma Hong Leong, 18 Jalan Perak, 50450 Kuala Lumpur during normal office hours from Monday to Friday (except public holidays) for a period of three months from Jan 5.

All three properties are freehold and located in Kuala Lumpur.

SHARE